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Inventories

6 Months Ended

Jun. 30, 2013

(4)	Inventories

Inventories consist of:

(in thousands)	June 30, 2013			December 31, 2012
Raw materials	$	232		$	197
Work-in-process		758			405
Finished goods		267			503
Total inventory, gross		1,257			1,105
Inventory reserves		(332	)		–
Total inventory, net	$	925		$	1,105

Due to adjustments in the anticipated use of inventory, the Company recorded a $0.3 million reserve for expired, obsolete and slow-moving inventory during the quarter. This cost is included in “Cost of goods sold” in the Condensed Consolidated Statements of Operations.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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